Paytm HDFC Bank Select Credit Card: A Comprehensive Review and Guide

In the ever-evolving landscape of credit cards, the collaboration between HDFC Bank and Paytm has brought forth a range of co-branded credit cards, each designed to cater to different needs and preferences of consumers. Among these offerings, the Paytm HDFC Select Credit Card stands out as the most premium choice, combining the benefits of HDFC’s trusted banking services with Paytm’s versatile digital platform.

In this extensive guide, we will delve deep into the features, benefits, fees, pros, and cons of the Paytm HDFC Select Credit Card. Whether you are a seasoned credit card user looking to explore new options or a first-time credit card applicant, this guide will provide you with all the information you need to make an informed decision.

Important Features

Feature	Details
Annual Fee	Rs. 1,000 (waived on spending Rs. 1.5 lakhs in the preceding year)
Cashback Rates	– 5% cashback on Paytm Mall/Movies/Mini apps – 2% cashback on all other Paytm spends – 1% cashback on all other retail spends (except wallet reloads, fuel, and EMIs)
Reward Redemption	Cashpoints can be redeemed as cashback against the statement balance or for travel benefits (flight/hotel bookings) and rewards catalog at the SmartBuy Rewards Portal
Complimentary Benefits	– Paytm First membership – 8 complimentary domestic airport lounge accesses per year (max 2 per quarter)
Fuel Surcharge Waiver	1% fuel surcharge waived off on fuel purchases of Rs. 400 or more (up to Rs. 500 per month)
Cash Advance Charges	2.5% of the transaction amount (minimum Rs. 500)
Foreign Currency Markup	3.5% of the transaction amount for foreign currency transactions
Interest Rate	3.6% per month or 43.2% annually
Add-on Card Fee	Nil
Welcome Benefit	Complimentary Paytm First membership
Milestone Benefits	Gift vouchers worth Rs. 500 on spending Rs. 50,000 or more in a quarter
Joining Fee Waiver	Joining fee waived on spending Rs. 50,000 within the first 90 days of card issuance
Annual Fee Waiver	Annual fee waived for subsequent years on spending Rs. 1.5 lakhs in the preceding year
Eligibility Criteria	Meeting age, income, and credit score requirements (specific criteria may vary)

Introduction to Paytm HDFC Bank Select Credit Card

The Partnership: HDFC Bank and Paytm

HDFC Bank, one of India’s leading private sector banks, has joined forces with Paytm, the country’s largest digital payments and e-commerce platform, to introduce a series of personal and business credit cards. The personal credit card lineup includes the Paytm HDFC Bank Credit Card, Paytm HDFC Bank Mobile Credit Card, and the Paytm HDFC Select Credit Card, which is the focus of this guide.

The Premium Offering: Paytm HDFC Select Credit Card

The Paytm HDFC Select Credit Card is positioned as the premium choice among the HDFC-Paytm co-branded cards. It caters to individuals who seek a higher level of rewards, exclusive benefits, and an enhanced credit card experience. Let’s dive into the specifics of what this card offers.

Key Features and Benefits

Reward & Benefits: Movie & Dining

One of the primary attractions of the Paytm HDFC Select Credit Card is its rewarding cashback structure, particularly in the categories of movies and dining.

• 5% Cashback on Paytm Mall/Movies/Mini Apps: Cardholders earn an impressive 5% cashback on their spends when using the card for transactions on Paytm Mall, Paytm Movies, and Paytm Mini Apps. This substantial cashback rate can lead to significant savings for movie buffs and avid online shoppers.
• 2% Cashback on All Other Paytm Spends: Apart from the exclusive 5% cashback categories, the card also offers 2% cashback on all other transactions made on the Paytm platform. This includes a wide range of services and products available on Paytm, making it a versatile choice.
• 1% Cashback on All Other Retail Spends: For transactions outside of Paytm, such as at physical stores, restaurants, or online retailers not affiliated with Paytm, the card provides a competitive 1% cashback.

Rewards Rate

Understanding the rewards rate of a credit card is essential to gauge its value proposition. Here’s a breakdown of the rewards rate for the Paytm HDFC Select Credit Card:

• 5% Cashback on All Spends on Paytm Mall/Movies/Mini Apps: As mentioned earlier, this category offers the highest cashback rate, making it highly appealing for those who frequently use Paytm for shopping and entertainment.
• 2% Cashback on All Other Spends on Paytm: Whether you’re booking flights, paying utility bills, or making everyday purchases through Paytm, you’ll enjoy a 2% cashback rate.
• 1% Cashback on All Other Retail Spends with the Card: While this rate is lower than the Paytm-specific cashback rates, it still provides a respectable return on all your non-Paytm retail transactions.

Reward Redemption

The Paytm HDFC Select Credit Card offers flexibility in how you can redeem your earned rewards, known as Cashpoints. These Cashpoints can be redeemed in the following ways:

• Re.1 Cashpoint = Re.1 Cashback for Statement Balance: You can choose to redeem your Cashpoints as a cashback against your card’s statement balance. This straightforward redemption option provides a direct reduction in your outstanding dues.
• Re.1 Cashpoint = Re.0.3 for Travel Benefits: If you’re a frequent traveler, you have the option to redeem your Cashpoints at a rate of Re.1 Cashpoint = Re.0.3 for travel benefits. This includes flight and hotel bookings as well as rewards available in the SmartBuy Rewards Portal.

Travel Benefits

In addition to its rewarding cashback structure, the Paytm HDFC Select Credit Card offers attractive travel benefits, making it a compelling choice for jet-setters and travel enthusiasts.

• Complimentary Domestic Airport Lounge Access: Cardholders are entitled to complimentary access to domestic airport lounges across India. This perk enhances the overall travel experience by providing access to comfortable lounges with amenities such as refreshments and Wi-Fi.
• 8 Complimentary Domestic Airport Lounge Access Every Year: The card’s travel benefits extend to eight complimentary domestic airport lounge visits per year, with a maximum of two visits allowed per quarter. This generous allowance adds significant value to the card, especially for frequent travelers.

Golf and Insurance Benefits

While the Paytm HDFC Select Credit Card offers a plethora of rewards and travel perks, it does not include specific benefits related to golf or insurance. These aspects are essential to consider if they align with your preferences and lifestyle.

Zero Liability Protection

Credit card security is a paramount concern for cardholders. With the Paytm HDFC Select Credit Card, you can enjoy peace of mind thanks to the Zero Liability Protection feature.

• Protection from Fraudulent Transactions: In the unfortunate event of your card being lost or stolen, you are protected from any fraudulent transactions made with the card after reporting the loss to the bank. This safeguard ensures that you are not held liable for unauthorized charges.

Fee & Charges

Understanding the fees associated with a credit card is crucial for responsible financial management. The Paytm HDFC Select Credit Card comes with a fee structure that offers opportunities for waivers based on your spending behavior.

Spend-Based Waiver

• Joining Fee Waived Off: The card’s joining fee, which is applicable when you first acquire the card, can be waived off by meeting a minimum spending requirement. If you spend a minimum of Rs. 50,000 within the first 90 days of card issuance, you won’t have to pay the joining fee.
• Annual Fee Waived Off (Second Year Onwards): To enjoy an annual fee waiver for subsequent years, you need to demonstrate consistent spending habits. Specifically, if you spend a minimum of Rs. 1.5 lakhs in the preceding 12 months, the annual fee for the following year will be waived off.

Rewards Redemption Fee

One notable aspect of the Paytm HDFC Select Credit Card’s fee structure is the absence of a rewards redemption fee. Unlike some credit cards that charge a fee for redeeming rewards, this card allows you to redeem your Cashpoints without incurring any additional charges.

Foreign Currency Markup

It’s essential to be aware of the foreign currency markup fee, especially if you plan to use your credit card for international transactions. The Paytm HDFC Select Credit Card has a foreign currency markup fee of 3.5% of the transaction amount. This fee is standard across many credit cards and is applied to transactions conducted in currencies other than Indian Rupees (INR).

Interest Rates

While credit cards offer the convenience of deferred payments, they also come with interest charges if you carry forward a balance. The Paytm HDFC Select Credit Card has an interest rate of 3.6% per month, which translates to an annual rate of 43.2%. It’s advisable to clear your credit card dues in full each month to avoid accruing interest charges.

Fuel Surcharge

For those who frequently fuel up their vehicles, the Paytm HDFC Select Credit Card provides a benefit in the form of a fuel surcharge waiver.

• 1% Fuel Surcharge Waived Off: When you make fuel purchases of a minimum of Rs. 400 using the card, you will enjoy a 1% waiver on the fuel surcharge. The maximum waived amount is capped at Rs. 500 per statement cycle, offering a reasonable benefit for fuel expenses.

Cash Advance Charges

While it’s generally not advisable to withdraw cash using a credit card due to the associated fees and interest charges, it’s essential to be aware of these costs. The Paytm HDFC Select Credit Card imposes a cash advance fee of 2.5% of the transaction amount, subject to a minimum charge of Rs. 500. To minimize expenses, it’s best to use the card primarily for purchases rather than cash withdrawals.

Add-on Card Fee

For those who wish to extend the benefits of the Paytm HDFC Select Credit Card to family members or dependents, the card offers the option to obtain up to four add-on credit cards at no additional fee.

• Add-on Card Fee: Nil

Product Details

Complimentary Paytm First Membership

As a welcome benefit, the Paytm HDFC Select Credit Card provides cardholders with a complimentary membership of the Paytm First loyalty program. Paytm First offers a range of exclusive discounts and deals on Paytm’s platform and its partner brands, enhancing the overall shopping and entertainment experience.

5% Cashback on Paytm Mall/Movies/Mini Apps

The hallmark feature of the Paytm HDFC Select Credit Card is its impressive 5% cashback rate on purchases made on Paytm Mall, Paytm Movies, and Paytm Mini Apps. This elevated cashback rate sets it apart as a lucrative choice for individuals who frequently engage in online shopping and entertainment activities.

2% Cashback on All Other Paytm Spends

While the card’s primary focus is on rewarding Paytm transactions, it also provides a competitive 2% cashback on all other purchases made on the Paytm platform. This versatility allows cardholders to earn rewards across a wide spectrum of services and products available through Paytm.

1% Cashback on All Other Retail Spends with the Card

For transactions conducted outside of the Paytm ecosystem, such as in physical stores, restaurants, or online retailers not affiliated with Paytm, the Paytm HDFC Select Credit Card offers a respectable 1% cashback rate. This ensures that cardholders receive rewards for their everyday retail expenditures.

8 Complimentary Domestic Airport Lounge Access

A standout feature of the Paytm HDFC Select Credit Card is its travel benefits, specifically the complimentary access to domestic airport lounges across India.

• 8 Complimentary Domestic Airport Lounge Access Every Year (Max 2 Per Quarter): Cardholders can enjoy up to eight complimentary visits to domestic airport lounges each year, with a maximum of two visits allowed per quarter. This perk enhances the travel experience by providing access to comfortable and well-appointed lounges where travelers can relax and refresh before their flights.

Gift Vouchers Worth Rs. 500

As an additional milestone benefit, the Paytm HDFC Select Credit Card offers cardholders the opportunity to earn gift vouchers worth Rs. 500.

• Quarterly Expenditure Requirement: To qualify for these gift vouchers, cardholders need to achieve a minimum quarterly expenditure of Rs. 50,000. Meeting this spending threshold unlocks the vouchers, which can be selected from various categories, including Health & Wellness, Shopping, Entertainment, Food delivery, and more.

Joining Fee and Annual Fee Waivers

The Paytm HDFC Select Credit Card features a fee structure that offers opportunities for fee waivers based on your spending patterns.

• Joining Fee Waived Off: New cardholders can have the card’s joining fee waived off by meeting a minimum spending requirement. Spending a minimum of Rs. 50,000 within the first 90 days of card issuance qualifies you for this waiver.
• Annual Fee Waiver (Second Year Onwards): To enjoy an annual fee waiver for subsequent years, cardholders must demonstrate consistent spending habits. Specifically, if you spend a minimum of Rs. 1.5 lakhs in the preceding 12 months, the annual fee for the following year will be waived off. This feature rewards cardholders for their continued usage of the card.

Pros and Cons

As with any financial product, the Paytm HDFC Select Credit Card comes with its own set of advantages and disadvantages. Understanding these pros and cons is essential in evaluating whether this card aligns with your financial goals and lifestyle.

Pros

Most Premium Variant

The Paytm HDFC Select Credit Card stands out as the most premium variant among the HDFC-Paytm co-branded cards. This designation is reflected in its enhanced benefits and rewards structure, making it an attractive choice for those who seek a higher level of exclusivity and privileges.

Complimentary Paytm First Membership

As a welcome benefit, cardholders receive a complimentary annual membership of the Paytm First loyalty program. This membership opens the door to exclusive discounts and deals on Paytm’s platform and partner brands, enhancing the overall shopping and entertainment experience.

5% Cashback on Paytm Purchases

The card’s impressive 5% cashback rate on Paytm Mall, Paytm Movies, and Paytm Mini Apps transactions positions it as a highly rewarding choice for online shopping and entertainment enthusiasts. This elevated cashback rate allows cardholders to maximize their savings.

8 Complimentary Domestic Lounge Access

Travelers can take advantage of the card’s travel benefits, which include eight complimentary visits to domestic airport lounges across India every year. With a maximum of two visits allowed per quarter, this feature enhances the travel experience by providing access to comfortable lounges with amenities such as refreshments and Wi-Fi.

Cons

Milestone Benefits Could Be Better

While the card offers milestone benefits in the form of gift vouchers, some cardholders may find that the Rs. 50,000 quarterly expenditure requirement to unlock these vouchers is relatively high. A more attainable milestone could have made these benefits more accessible to a broader range of users.

1% Cashback on Non-Paytm Spends

For transactions conducted outside of the Paytm platform, the card offers a 1% cashback rate. While this rate is competitive, it may not be the most lucrative option for individuals whose spending primarily occurs outside of the Paytm ecosystem.

Competition at the Rs. 1000 Membership Fee Level

At a membership fee of Rs. 1000 per annum, the Paytm HDFC Select Credit Card faces competition from other credit cards in the same price range. Some competing cards offer attractive benefits and rewards, potentially making it a more challenging choice for consumers to select the Paytm HDFC Select Credit Card.

Paytm HDFC Bank Select Credit Card Customer Care

Access to reliable customer care support is essential when managing a credit card. HDFC Bank provides 24×7 customer care support to its credit card customers, ensuring that assistance is readily available when needed.

Contact Numbers

Cardholders can reach HDFC Bank’s customer care team through the following helpline numbers:

• 24×7 Customer Care Helpline: 1860 267 6161 or 61606161 (prefix STD code)
• Overseas Customer Care: 022 61606160 (for cardholders traveling abroad)

These helpline numbers are valuable for reporting the loss of a card to the bank or seeking assistance with any card-related inquiries or concerns.

Who Should Apply for the Card

The Paytm HDFC Bank Select Credit Card is a co-branded offering designed to cater to specific consumer preferences and spending patterns. To determine if this card is the right choice for you, consider the following factors:

• Regular Use of Paytm: The card is ideal for individuals who frequently use Paytm for a wide range of transactions, including online shopping, bill payments, and more. The elevated cashback rates on Paytm transactions make it a lucrative choice for Paytm enthusiasts.
• Preference for Premium Benefits: If you seek a premium credit card experience with exclusive benefits such as complimentary lounge access and Paytm First membership, the Paytm HDFC Select Credit Card delivers on these fronts.
• Strategic Spending Habits: The card’s fee waivers for joining and annual fees based on spending patterns reward cardholders who demonstrate consistent spending habits. If you can meet the minimum spending requirements, you can enjoy a card that provides enhanced benefits without the burden of additional fees.
• Value in Travel Benefits: Travelers who value access to domestic airport lounges can benefit significantly from the card’s travel perks. The eight complimentary lounge visits per year enhance the overall travel experience.
• Online Shopping and Entertainment Enthusiasts: The card’s 5% cashback rate on Paytm Mall, Paytm Movies, and Paytm Mini Apps transactions appeals to those who frequently engage in online shopping and entertainment activities.

In summary, the Paytm HDFC Select Credit Card is an excellent choice for individuals who regularly use Paytm for their financial transactions and seek a premium credit card experience with valuable benefits and rewards.

Review

The Paytm HDFC Select Credit Card offers a compelling blend of premium benefits and rewarding cashback rates, making it an attractive choice for individuals who align with its target audience. With its focus on enhancing the Paytm experience and providing exclusive privileges, the card stands out as a premium offering among the HDFC-Paytm co-branded cards.

The card’s 5% cashback rate on Paytm Mall, Paytm Movies, and Paytm Mini Apps transactions positions it as a strong contender in the online shopping and entertainment categories. This elevated cashback rate allows cardholders to maximize their savings and enjoy substantial benefits in these popular spending areas.

The inclusion of an annual Paytm First membership as a welcome benefit adds further value, providing access to exclusive discounts and deals on Paytm and partner brands. This membership enhances the overall shopping and entertainment experience for cardholders.

The card’s travel benefits, including eight complimentary domestic airport lounge visits per year, cater to travelers seeking an elevated travel experience. The provision of up to eight lounge visits annually, with a maximum of two visits per quarter, adds significant value for frequent flyers.

However, it’s essential to note that the card’s milestone benefits, while valuable, could have been more accessible to a broader range of users. The Rs. 50,000 quarterly expenditure requirement to unlock gift vouchers may be relatively high for some cardholders.

Additionally, the card’s 1% cashback rate on non-Paytm spends may not be the most competitive option for individuals whose spending primarily occurs outside of the Paytm platform. It’s crucial for potential cardholders to evaluate their spending patterns and preferences to determine if the card aligns with their financial goals.

Overall, the Paytm HDFC Select Credit Card offers a compelling package of rewards, benefits, and privileges for Paytm users and individuals seeking a premium credit card experience. By strategically leveraging its cashback rates, travel perks, and fee waivers, cardholders can maximize the value they derive from this premium offering.

How to Apply for the Paytm HDFC Select Credit Card

Applying for the Paytm HDFC Select Credit Card is a straightforward process. You can follow these steps to initiate your application:

1. Check Eligibility: Before applying, ensure that you meet the card’s eligibility criteria, which typically include age, income, and credit score requirements. The specific criteria may vary, so review the eligibility details provided by HDFC Bank.
2. Gather Required Documents: Prepare the necessary documents, such as proof of identity, proof of address, and income documents. These documents will be required during the application process.
3. Visit HDFC Bank’s Website: Go to the official website of HDFC Bank and navigate to the credit cards section. Locate the Paytm HDFC Select Credit Card and click on the “Apply Now” or “Apply Online” button.
4. Fill in the Application Form: Complete the online application form with accurate and up-to-date information. Ensure that you provide all required details, including personal information, contact details, and financial information.
5. Upload Documents: Scan and upload the required documents as part of your application. Ensure that the documents are clear and legible.
6. Review and Submit: Carefully review the information you’ve entered in the application form to ensure its accuracy. Once you are satisfied, submit the application.
7. Application Processing: HDFC Bank will process your credit card application and assess your eligibility. This may involve a credit check to evaluate your creditworthiness.
8. Application Status: You can check the status of your credit card application online through HDFC Bank’s website or by contacting their customer care.
9. Receive Your Card: If your application is approved, you will receive your Paytm HDFC Select Credit Card at the address you provided during the application process. Activation instructions will be included with the card.
10. Set Up Online Access: Once you receive your card, you can set up online access to manage your card account, view statements, and make payments.

Remember that credit card approval is subject to the bank’s discretion and your creditworthiness. It’s essential to maintain good financial practices, including paying your bills on time and managing your credit responsibly.

FAQs: Here are some frequently asked questions about the Paytm HDFC Select Credit Card:

Conclusion

The Paytm HDFC Select Credit Card represents a premium offering in the co-branded credit card lineup from HDFC Bank and Paytm. With its attractive cashback rates, travel benefits, and fee waivers based on spending patterns, it caters to individuals who value the Paytm ecosystem and seek an enhanced credit card experience.

By strategically leveraging the card’s cashback rates and utilizing its travel perks, cardholders can maximize the value they derive from this premium offering. It’s essential to assess your spending patterns, lifestyle, and preferences to determine if the Paytm HDFC Select Credit Card aligns with your financial goals.

Whether you’re a frequent Paytm user, a traveler, or someone who values premium benefits, the Paytm HDFC Select Credit Card has the potential to offer a rewarding and exclusive credit card experience. Before applying, carefully review the card’s features, fees, and benefits to ensure that it suits your financial needs and lifestyle.

Disclaimer

This guide provides information about the Paytm HDFC Select Credit Card based on available information and may be subject to change. Credit card terms and conditions, fees, rewards, and benefits are determined by HDFC Bank and are subject to modification by the bank. It’s advisable to visit HDFC Bank’s official website or contact the bank directly for the most up-to-date and accurate information regarding the card’s features and eligibility criteria.